**REGISTERED COMPANY NUMBER: 06659140 (England and Wales) REGISTERED CHARITY NUMBER: 1128253** Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 October 2023 for Herne Bay Pier Trust McLean Reid Chartered Accountants 1 Forstal Road Aylesford Kent ME20 7AU Herne Bay Pier Trust ## Contents of the Financial Statements for the Year Ended 31 October 2023 |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Independent Examiner's Report**||4|| |**Statement of Financial Activities**||5|| |**Balance Sheet**||6|| |**Notes to the Financial Statements**|7|to|11| Herne Bay Pier Trust (Registered number: 06659140) ## Report of the Trustees for the Year Ended 31 October 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 October 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The company is a charity and company limited by guarantee whose objects are the preservation, renovation, reconstruction and enhancement of Herne Bay pier and the surrounding area. The Trust see the pier as a major asset in the regeneration of this seaside town, one of the most deprived wards in the local council area. The charity's main objective has always been to reclaim, regenerate and rebuild the existing desolate Victorian pier which was left empty after the demolition of the old sports centre. The Trust aims to make it a community asset for the enjoyment and benefit of the people and visitors of Herne Bay. ## **Significant activities** As in prior years our main aim was to continue to make the Pier a successful thriving attraction and asset to our town and its visitors and despite some very challenging weather conditions last year we have achieved this once again with the unstinting support of our invaluable team of trustees, volunteers and tenants. We delivered a full programme of events throughout the year ranging from a full summer of live music events in the evening, an amazing Sunday of Jazz , working in conjunction with Kai Hoffman's Jazz Fest, which saw a capacity audience and was live streamed for the first time. Family fun at Easter and Halloween and a second Light Up the Night event run in collaboration with Cruse Bereavement followed at Christmas with our now annual Laser Spectacular which once again drew in the crowds. Santa was in his new upgraded Grotto and we were delighted, with the help of the Poppy Centre, to be able to offer free admission to several families struggling with the cost of living.. We have collaborated with various local groups in the area and have supported Pilgrims Hospice by once again hosting their open day and welcoming hundreds of Santas to the Pier !! Once again our trustees and volunteers worked tirelessly and we have gone a long way in achieving our aim from last year to upgrade our stage lighting and sound equipment. A new iconic stage back drop has been designed and installed. The weddings on the pier are becoming more and more popular and this year our pier took top billing in the Channel 4 programme Britain's Best Beach Huts which was fronted by Jay Blades and there were several other film companies using the pier during the year. We have continued to improve the area in and around our food hall with the addition of new tables and seating under the red canopy and we invested in some large planters which we will be filled with spring bulbs and colourful perennials and evergreens to provide all year round colour. The interest in the remembrance/celebration plaques continues to increase and provide additional income and also support from our growing community of plaque holders who are so grateful for the personal service we provide. Our wholly owned trading subsidiary, Herne bay Pier Enterprises Limited, has donated to the charity 100% of its profits for the year to 31st October 2023, which amounted to £39,769 (2022: £23,521). ## **Public benefit** The Trustees have had regard to the Charity Commission's guidance on Public benefit. ## **FINANCIAL REVIEW** ## **Financial position** The Trust funds at 31/10/2023 were as follows: Current account £57,861 (2022: £44,135) Events/maintenance £8,304 (2022: £9,299) Petty Cash £9 (2022: £3) Tenants deposits £5,276 (2022: £3,953) Reserve Account £54,910 (2021: £49,970) Total £126,360 (2022:£106,360) The Trusts aim is to keep the Reserve Account at a minimum of £40k to enable the Trust to cope with any major incidents e.g. Fire, Gales, and Vandalism. The Trustees are taking all possible steps to alleviate any impact on the Charity's operations as far as possible. However, the Trustees cannot reasonably estimate the impact any unknown events may have on the Charity's financial position, results of operations or cash flows in the future. Page 1 Herne Bay Pier Trust (Registered number: 06659140) ## Report of the Trustees ## for the Year Ended 31 October 2023 ## **FUTURE PLANS** The Trust has various projects to enhance the Pier and the experience for the public and these include the following some of which are ongoing: 1. The weatherproof canopy to cover the seating area in front of the stage is still being considered and we have had constructive communication and discussions over design and cost. 2. A large LCD screen to enable live events and films to be shown. This remains on our wishlist but would require substantial funding 3. The addition of windshield screens around the food court area remains on our wishlist 4. The idea of storage batteries to store the excess electricity generated from out solar panels has been revisited and we are unsure if this is the best way forward due to reports on the safety of these batteries concerning fire risks. We feel the better way forward is to obtain the best prices for the export of any excess and following an idea put forward by a member we are now in the process of setting up a working party to investigate the possibility of contacting the larger power companies to explore any interest the may have in working with us on potential eco power projects 5. The addition of a larger hut at the end of the Pier is now going forward for planning. The costs for this project have been estimated in the region of £35,000. We recently made a bid to CanterburyCity Council for funds from the Strategic Grant fund but were unsuccessful on this occasion but we are continually on the look out for any funding where we can match their criteria 6. The addition of further huts to maximise all the space on the Pier also remains on the wishlist. 7. We will be looking at the provision of disabled portaloos 8. We will continue to actively seek funding opportunities to enable the above 9. The board has agreed that we will extend our accounting year until the end of February 2025 which will align our annual invoicing and activities which run from 1st March ## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies act 2006. The organisation is a charitable company limited by guarantee, incorporated on 29 July 2008 and registered as a charity on 25 February 2009. ## **Charity constitution** The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each. ## **Recruitment and appointment of new trustees** The directors of the company are also charity trustees for the purposes of charity law. Regular trustee skills audits are carried out to identify the resources available within the Committee and gaps addressed through training and by seeking new members with the requisite experience. The Canterbury City Council in their position as landlord can install up to two Trustees to the Board, but at the moment all Trustees have been elected by the membership or co-opted by the Board. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 06659140 (England and Wales) ## **Registered Charity number** 1128253 ## **Registered office** The Pier Office Central Parade Herne Bay Kent CT6 5JN Page 2 r TruBI for 1 October Tiu$ls¢¥ Mr¥ L IA B￿k6 Dlrector Mrs L S HackW1￿ Dire*ff {re•ign￿ 16.3.241 is S P Hawpenny Dir•clor D W To*n88nd Director S C Welsh Dlrector Ms J Wnite Oirgctor (resh￿ 1.1123} C F AuBln Dir01 Ms D Sullwn Dirèctor l•ppoinW 8.12.221 Ims￿rt•d l.11.23} Ms A J Browrtskng TNstgg laFwlrrtad 26.tO.231 M P Ttsth8r lapw)Int*l 11.2.241 Indèp•nd•nt Examln•r lan Mde#n Reid McLgan R Chartered Act￿n￿nts 1 FL¥8ts1 Road AyEesford ME20 7AU Apwoved by ordor ofth8 bowd of trust98$ on 1Q Jun• 2024 *nod on hs tehaif by.. D W Town8end. TNstee Paoe 3 In Examin SR• toth•T Independent examlnerfs report lo the tru$tee$ of Herne Bay Plgr Trust fihe Company'l I rap(Al to the L*arhy tru¥tee8 on my o￿lnatIOn ofthe acoJunts ofihe Company lor the yearendod 31 O¢tob¢r 2023. Rg$pon$ibllitiOB 8nd basi8 of report AS the charlty8 tNstees of the Cornp￿ land alJ(J Its dtreetDrs kn thè puw&5 01 wmpany lawl you ar8 r8spon8ltl8 Ihè of thg x¢ounl8 acr4)rdance wllh ts requiremgnts ofthe Cornpanies Act 2008 Ctho 20￿ ACVI. H￿1￿ 88I8figd my8olf th81 Iho of th? Crynpany are not wulred to be au(ltsd under Part 18 of the 2006 Act a￿1 are 91￿1￿4• for intro￿ndent examinoknn. I report In Mpect of my exarlkna￿Tr of wr ¢hari￿8 att￿jntS as carri8d (￿t under SeLt*)n 145 of Iho ChariU•s Act 2011 Ilh8 2011 Att). In ¢8tyng out my examlnaibn I have fdlmd the reG1b￿8 i*ven by Ihe Charfty Commii¥kn under Section 145(51 Ibl of Ihe 2011 fv Independont examln•rfs $totern8nt I hava CLIn￿£t$d my oxomknaJon. I Confi￿ IhHI nu havo (￿me to rny attontlon kn C1￿￿￿el￿n vAth thè X8n¥nation gfvlThJ me Cau80 lo betlwo". at￿nting records were not kept in ofth8 Company 08 r8qu¥*Y by S•¢tiM 386 ￿1h9 Art or tho ￿￿ount8 do not accord th08e r•cord8: (Y Ihe accounts do not com￿Y *itti thg actxunting roquirement8 of S￿￿on 398 of the 2006 Act L*h•r trAn wy req￿rtMent that thè accounts g1￿ a In￿ and falr vlvw whlc*t Is not a matter Cons￿eTed as part ol In independent trnmin8tion.' or th• actounts hav8 Tr)t t48n pr¢pgrod In oc¢tyd8n¢o with tho moth¢￿8 and princapkn ￿ the Ststwl of RorA)mm8nded Prncjke ts ai>>)unlng and repoiiTrJ by charitto918prAkoblo to ¢harfts8 prwring thew Kcoullts in ac(•rthnce vAth the Flmndal R•porfkng Stsndwd applcable in the UK aTrJ Republlc of Irela￿￿ IFRS 10211. I havo Th) ¢¥Jr￿m8 ond havo ￿m8 no other m&tter8 in conn8cl￿)n with th• Oxan￿na￿0n to whith all￿tr)n Bhoubj be In roport in orderto a prop8r t￿￿619￿nd￿￿ of th• •¢counts to b• r•achgd. an Mdèan Rold The InsdbJt• ofchartored Ac(*untsnts in ENJlarKI arvj Wa McL•an Rwd Chartered Aco)untants 1 Ftyst91 R¢)ad Kanl ME20 7AU 10 Juno 2024 Paoe 4 Herne Bay Pier Trust ## Statement of Financial Activities for the Year Ended 31 October 2023 |Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
45,448
**Charitable activities**
Rental activities
22,216
Beach huts
103,718
Other income
835
Other trading activities
2
661
Investment income
3
60
Other income
910
**Total**
173,848
**EXPENDITURE ON**
Raising funds
-
**Charitable activities**
Beach huts
21,323
Charitable activities
53,035
Support costs
28,545
Governance costs
3,125
Event costs
1,548
**Total**
107,576
**NET INCOME/(EXPENDITURE)**
66,272
**RECONCILIATION OF FUNDS**
Total funds brought forward
175,599
**TOTAL FUNDS CARRIED FORWARD**
241,871|Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
986
986
(986)
986
-|2023
Total
funds
£
45,448
22,216
103,718
835
661
60
910
173,848
-
21,323
53,035
28,545
3,125
2,534
108,562
65,286
176,585
241,871|2022
Total
funds
£
43,454
26,693
116,937
-
12,369
3
1,050| |---|---|---|---| ||||200,506| ||||2,180
20,116
42,448
52,110
6,818
9,799| ||||133,471| ||||67,035
109,550| ||||176,585| The notes form part of these financial statements Page 5 rTru 2023 Totsl funds 2022 Totsl lurKI8 Unrestrictèd R£8trtthd fund8 FIXED ASSET8 25,619 100 25,619 1110 38.327 700 Invesfvnts 25.779 25.719 38.427 CURRENT ASSETS Oebtovs Cash at bank and kn hand 100,895 126,360 ICK).895 126.360 42.923 1C6.360 227,255 227,255 149,283 CREDrroRS Arn￿nts felng (*Je ￿1n on• ￿r 10 111.1031 111,1031 111.1251 NET CURRENT A£S￿s 216.152 216.152 138.158 TOTAL ASSETS LESS CURRENT LIA81LrriES 241.871 241,871 176.585 NET ASSETS 241,871 241.871 178.58S FUNDS Unrestrlcted funds Re¥tri¢W fund8 12 241.871 175.599 TOTAL FUNDS 241,871 176,sas Th8 dwrilabkq company Is 8nbtl¥d to exempkn from audrt Se¢tknn 477 of the Comp8ra8s Act 21K* fty thg year ed 31 Octobgr 2Wd3. nwnkArs ha￿ rw)t required the c4)mpany to obtaln an audit of #6 fi￿n￿oI 8lat•m8rtts lor Iho year ended 31 Octc&8r2023 in a¢eordarKe wllh SeetKlTh 476 ofthe Cornp8ni•s Act %)L￿. The tru8ttss thew respon81blHtta• for ensurtng that Ihe chartt8t* Comp￿Y keapB accoumng tr￿1 corryjty wrth Sactlons 386 and 387 of th• Companl8s A¢t 2006 and preparirg financaal 8tstements giv$ o true and fair viaw of tho st•ts of affalr3 of the charitabkn wrnpary 88 at me end ol ffin8nd81 year and ol rts SLffplu$ c* def*it for •￿h flnaftoal year in accordane• *ith the rgquiram8nts of Secti¢n$ 394 and 395 and whlch otfveThvb& Compty with the requlrements of the Compar48s ALX 2008 r•l&ting tr) finanda18t#t•m￿ts. so fwos appJlcatA• toth• charflsbkg company. Th88e lln4nthl 8tatsrr*nts have l)een prepared In ac¢ord8nc& wlth the proWtsh3ns AWic•bkn to tharftsbl$ ¢ompanles sU￿￿t to Ihe smajl eompanth rekn. Ibl Th• fmnrthd 3lal8monts were aFvov8d by the Bowd of T￿￿188S and 8Uth¢NW for on 10 June 2024 aTrJ wg od ￿ Its b•haff by, D W Try￿80nd. Trust08 S P H•nny. Tnntee of th880 8tatements Pag9 6 Herne Bay Pier Trust Notes to the Financial Statements for the Year Ended 31 October 2023 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities; Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn. ## **Income recognition** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Beach rental and related income is recognised in the period when the service is provided. Income from grants is recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred. ## **Expenditure** All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: -costs of raising funds includes costs of fundraising and other trading activities; -expenditure on charitable activities includes costs of running and maintaining the pier and support costs required to sustain and implement the charity's objects and relating support costs. -governance costs are general costs which have been incurred in order for the charity to operate effectively and to generate the information required for public accountability. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery - 20% on cost ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Page 7 continued... Herne Bay Pier Trust ## Notes to the Financial Statements - continued for the Year Ended 31 October 2023 ## **1. ACCOUNTING POLICIES - continued** ## **Fund accounting** Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **2. OTHER TRADING ACTIVITIES** |Fundraising events
Bar 19 income
**INVESTMENT INCOME**
Deposit account interest
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets
Surplus on disposal of fixed assets|2023
£
661
-
661
2023
£
60
2023
£
20,536
(360)|2022
£
11,275
1,094| |---|---|---| |||12,369| |||2022
£
3
2022
£
24,607
-| ## **3.** ## **4. NET INCOME/(EXPENDITURE)** ## **5. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 October 2023 nor for the year ended 31 October 2022. ## **Trustees' expenses** During the year the amount reimbursed to 4 trustees for expenses relating to administrative costs and the purchase of equipment incurred on behalf of the charity was £1,569 (2022: 5 trustees £5,681). ## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
36,934
**Charitable activities**
Rental activities
26,693
Beach huts
116,937
Other trading activities
12,369
Investment income
3
Other income
1,050
**Total**
193,986
**EXPENDITURE ON**
Raising funds
2,180
**Charitable activities**
Beach huts
20,116
Charitable activities
40,575
Support costs
48,449
Governance costs
6,818
Event costs
9,799|Restricted
funds
£
6,520
-
-
-
-
-
6,520
-
-
1,873
3,661
-
-|Total
funds
£
43,454
26,693
116,937
12,369
3
1,050| |---|---|---| |||200,506| |||2,180
20,116
42,448
52,110
6,818
9,799| Page 8 continued... Herne Bay Pier Trust ## Notes to the Financial Statements - continued for the Year Ended 31 October 2023 |**6.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
funds
£
**Total**
127,937
**NET INCOME**
66,049
**RECONCILIATION OF FUNDS**
Total funds brought forward
109,550
**TOTAL FUNDS CARRIED FORWARD**
175,599
**7.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 November 2022
Additions
Disposals
At 31 October 2023
**DEPRECIATION**
At 1 November 2022
Charge for year
Eliminated on disposal
At 31 October 2023
**NET BOOK VALUE**
At 31 October 2023
At 31 October 2022
**8.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 November 2022 and 31 October 2023
**NET BOOK VALUE**
At 31 October 2023
At 31 October 2022|Restricted
Total
funds
funds
£
£
5,534
133,471
986
67,035
-
109,550
986
176,585
Plant and
machinery
£
437,223
7,828
(1,866)
443,185
398,896
20,536
(1,866)
417,566
25,619
38,327
Shares in
group
undertakings
£
100
100
100| |---|---| There were no investment assets outside the UK. Page 9 continued... Herne Bay Pier Trust ## Notes to the Financial Statements - continued for the Year Ended 31 October 2023 ## **9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |2023
£
Trade debtors
36,234
Amounts owed by group undertakings
63,620
Other debtors
128
Prepayments and accrued income
913
100,895|2022
£
17,113
23,851
138
1,821| |---|---| ||42,923| ## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Trade creditors
Other creditors
Deferred income
Accrued expenses|2023
£
968
4,991
869
4,275
11,103|2022
£
275
5,092
70
5,688| |---|---|---| |||11,125| ## **11. LEASING AGREEMENTS** Minimum lease payments under non-cancellable operating leases fall due as follows: |Within one year
Between one and five years
In more than five years|2023
£
20,000
80,000
100,000
200,000|2022
£
20,000
80,000
120,000| |---|---|---| |||220,000| The leasing commitments relate to a rental agreement which is due to expire in March 2034 at £20,000 per annum. ## **12. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**Restricted funds**
Platinum Jubilee grant
**TOTAL FUNDS**
Net movement in funds, included in the above are as follows:
**Unrestricted funds**
General fund
**Restricted funds**
Platinum Jubilee grant
**TOTAL FUNDS**|At
1.11.22
£
175,599
986
176,585
Incoming
resources
£
173,848
-
173,848|Net
movement
At
in funds
31.10.23
£
£
66,272
241,871
(986)
-
65,286
241,871
Resources
Movement
expended
in funds
£
£
(107,576)
66,272
(986)
(986
(108,562)
65,286|At
31.10.23
£
241,871
-| |---|---|---|---| ||||241,871| ||||65,286| Page 10 continued... Herne Bay Pier Trust ## Notes to the Financial Statements - continued for the Year Ended 31 October 2023 ## **12. MOVEMENT IN FUNDS - continued** ## **Comparatives for movement in funds** |||Net|| |---|---|---|---| ||At|movement|At| ||1.11.21|in funds|31.10.22| ||£|£|£| |**Unrestricted funds**|||| |General fund|109,550|66,049|175,599| |**Restricted funds**|||| |Platinum Jubilee grant|-|986|986| |**TOTAL FUNDS**|109,550|67,035|176,585| |Comparative net movement in funds, included in the above are as follows:|||| ||Incoming|Resources|Movement| ||resources|expended|in funds| ||£|£|£| |**Unrestricted funds**|||| |General fund|193,986|(127,937)|66,049| |**Restricted funds**|||| |Platinum Jubilee grant|6,520|(5,534)|986| |**TOTAL FUNDS**|200,506|(133,471)|67,035| The Platinum Jubilee grant was provided to fund the Jubilee celebrations and providing additional lighting for the pier. ## **13. RELATED PARTY DISCLOSURES** See note 5 for trustees expenses paid during the year. Miss S P Halfpenny is also a trustee of Herne Bay in Bloom. The trustees do not consider there is a conflict of interest with this appointment. ## **14. GOING CONCERN** No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the trustees. Page 11